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A Look at BNB Chain Activity in Q2 2022
August 1, 2022
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NFTs and GameFi were bright spots for BNB Chain.
Rough 3 Months for BNB Chain
In a newly published report, well-known blockchain analytics firm Messari found a significant decrease in Decentralized Finance (DeFi) activity on BNB Chain in the last quarter, but growth in the areas of Non-Fungible Token (NFTs) and GameFi.
Here are some highlights from the report:
Network Usage, Financial Performance
Thanks to the collapse of Terra, BNB Chain registered growth in the new unique addresses that used the network in the last quarter. Messari found that the average daily creation of new addresses in the 3-month period increased by 6.6%.
Interestingly, despite the growth of new addresses on the network, BNB Chain suffered drawdowns in its usage and financial performance in the last quarter:
- Average transactions dropped 17.3%.
- Average fees paid for transactions dropped 23.5%.
- Total revenue declined by 35.8%.
DeFi, NFTs, GameFi
In the second quarter, the Total Value Locked (TVL) by DeFi protocols on BNB Chain declined by 55%, both in terms of U.S. dollars and $BNB.
Messari noted PancakeSwap’s dominant position in terms of TVL share – approaching half of total activity – as a potential weakness for BNB Chain, in terms of ramifications for the network if the Decentralized Exchange (DEX) ever suffered an exploit or technical breakdown.
BNB Chain’s NFT and GameFi markets provided some relief as they grew significantly in the last quarter.
According to Messari:
“With massive increases in NFT secondary sales volume (634%) and unique NFT buyers (716%), BNB Chain NFT activity quickly grew to levels seen on popular chains like Solana and Flow.”
Additionally, in the period under review, daily active users on the top three GameFi applications on BNB Chain by the number of users and transactions grew by 35%.
Sunnier July
BNB Chain showed some positive signs in July, the first month of Q3.
According to DefiLlama, the network’s TVL increased by 14% during the month, standing at $6.84 billion as of July 31. That is 7.8% of the entire market’s TVL.
In terms of TVL, BNB Chain is second only to Ethereum, which has $56.84 billion in TVL as of July 31. Third is Tron, with $5.83 billion in TVL.
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Terraform Labs Founder Do Kwon Appeals Extradition Decision in Montenegro
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December 6, 2023
The appeal will be reviewed by the Montenegro court, and the Montenegrin Ministry of Justice faces challenges in reaching a conclusive decision by the December 15 deadline.
Kwon Do-hyung, the founder of Terraform Labs (TFL), has filed an appeal against the recent extradition ruling made by the High Court of Podgorica in Montenegro, according to a local South Korean media outlet.
The Montenegrin Court of Appeal confirmed on December 6 that Kwon Do-hyung contested the decision, stating, “I do not accept the court’s decision to extradite me, so I do not submit to the court’s decision.”
This appeal prompts the Montenegrin Court of Appeals to reassess the extradition decision, introducing uncertainty into the resolution timeline.
Extradition Request and Timeline
The court initially approved Kwon’s extradition request on November 24, stipulating his transfer to either the United States or his home country, South Korea.
The current appeal has altered the decision-making timeline, making it challenging for the Montenegrin Ministry of Justice to finalize the extradition destination before the December 15 deadline.
During the extradition trial, Kwon expressed a preference for being extradited to South Korea, a request that was granted by the court. However, the appeal has extended the timeline, potentially rescheduling the extradition proceedings to January, according to Crypto Times.
Despite Kwon Do-hyung’s appeal, local observers in Montenegro suggest slim chances of overturning the extradition decision. A prevailing belief among Montenegrin government officials and judiciary figures is that Kwon’s continued detention attracts undue attention.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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